Coles Renegotiates Contract, Loses $6M and Becomes Free Agent

Laveranues Coles did the almost unthinkable in these tough times, he walked away from a guaranteed $6 million payday this year in hopes of receiving a long-term deal in free agency. He had hoped to secure the long term contract with the Jets but when it became evident that was not going to happen, Coles and the team reached a compromise Wednesday that allowed him to restructure his deal and become a free agent on Friday, a team spokesman said.

Coles, a 31-year-old wide receiver, spent seven of his nine NFL seasons with the Jets (He spent the 2003 and 2004 seasons in Washington), but his production has declined in recent years.
He has had one 1,000-yard season in his last five years and he has sustained multiple concussions.

Coles had hoped to retire as a Jet. But when he approached the team about a contract extension last off-season, threatening to sit out the off-season program if he did not get it, the team instead guaranteed the final two years of his contract for a total of $11 million.

Again this offseason Coles approached the Jets for a contract extension, the team balked, and Coles agreed to leave the $6 million he was due this season on the table in exchange for the Jets’ restructuring his contract to allow him to go elsewhere when free agency opens on Friday. The Jets, who would have been on the hook for the money if they had released Coles, saved $6 Million off the salary cap.

The restructuring appears initially as a win-win, assuming Coles signs on with another team. The door still remains open that Coles could return to the Jets, although it seams unlikely.

“I have had the pleasure of getting to know Laveranues since he entered the league in 2000,” General Manager Mike Tannenbaum said in a statement. “He is a fierce competitor, a great teammate and a good friend who has always given his best to the New York Jets. I spoke with him today and expressed my appreciation for his contributions both on and off the field. This move will allow Laveranues to explore his options, and we both agreed to keep the lines of communication open.”

Look for Coles to catch on with Miami and reunite with good friend and Dolphins' QB Chad Pennington.